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City Review

Los Angeles City Review

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Los Angeles in 2016 generated a total GDP of USD962 billion, second only to New York (USD1.7 trillion total GDP in 2016) in the US. Over 2011-2016, Los Angeles grew in various ways: disposable incomes per household in Los Angeles grew by 9.9% over the five year period, the tourism industry in the city reached records in 2016 (47.3 million visitors in 2016), while the port of Los Angeles continued to be the busiest port in the country (8.8 million TEUs in 2016).

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LOS ANGELES HIGHLIGHTS

A strong creative industry focus, two of the US's busiest ports and a large agglomeration of business services in Los Angeles contribute to the city's high productivity, which stood at USD141,100 GVA per employee. Los Angeles was 20% more productive than the rest of the country in 2016.

Economically, Los Angeles benefits from higher labour productivity, as well as a relatively large household size (2.9 persons per household in Los Angeles versus 2.6 in the rest of the US, in 2016). As of 2016, household disposable income was 31% greater in Los Angeles compared with the rest of the country.

Greater spending on discretionary items

Spending per household (excluding transport and housing) was 16% higher in Los Angeles in comparison with the average in the rest of the country in 2016. Given the city's higher income level, consumers spend proportionately more on discretionary items such as education (23% higher expenditure in Los Angeles, than in the rest of the country in 2016), hotels and restaurants (+32%) and communications (+20%).

Higher housing expenditure

Spending on housing and transport together in Los Angeles was 31% higher compared to other parts of the US in 2016. The difference is driven largely by the housing expenditure category (41% higher expenditure on housing in Los Angeles, when compared to the rest of the country), as the housing unit shortage in Los Angeles results in continuing house price rises.